Romania Economy - 2023

Economic overview

high-income, service- and industrial-based European economy; EU member but non-euro user until convergence criteria met; sustained growth prior to COVID-19; major FDI recipient; flat taxation structure; digital hub of Eastern Europe

Real GDP (purchasing power parity)

$588.451 billion (2021 est.)

$559.896 billion (2020 est.)

$581.272 billion (2019 est.)

note: data are in 2017 dollars

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Real GDP growth rate

5.1% (2021 est.)

-3.68% (2020 est.)

3.85% (2019 est.)

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Real GDP per capita

$30,800 (2021 est.)

$29,100 (2020 est.)

$30,000 (2019 est.)

note: data are in 2017 dollars

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GDP (official exchange rate)

$249.543 billion (2019 est.)

Inflation rate (consumer prices)

5.05% (2021 est.)

2.63% (2020 est.)

3.83% (2019 est.)

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Credit ratings

Fitch rating: BBB- (2011)

Moody's rating: Baa3 (2006)

Standard & Poors rating: BBB- (2014)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 4.2% (2017 est.)

industry: 33.2% (2017 est.)

services: 62.6% (2017 est.)

GDP - composition, by end use

household consumption: 70% (2017 est.)

government consumption: 7.7% (2017 est.)

investment in fixed capital: 22.6% (2017 est.)

investment in inventories: 1.9% (2017 est.)

exports of goods and services: 41.4% (2017 est.)

imports of goods and services: -43.6% (2017 est.)

Agricultural products

maize, wheat, milk, sunflower seed, potatoes, barley, grapes, sugar beet, rapeseed, plums/sloes

Industries

electric machinery and equipment, auto assembly, textiles and footwear, light machinery, metallurgy, chemicals, food processing, petroleum refining, mining, timber, construction materials

Industrial production growth rate

4.07% (2021 est.)

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Labor force

8.381 million (2021 est.)

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Labor force - by occupation

agriculture: 28.3%

industry: 28.9%

services: 42.8% (2014)

Unemployment rate

5.17% (2021 est.)

5.03% (2020 est.)

3.91% (2019 est.)

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Youth unemployment rate (ages 15-24)

total: 20.6%

male: 20.9%

female: 20.1% (2021 est.)

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Population below poverty line

23.8% (2018 est.)

Gini Index coefficient - distribution of family income

34.8 (2019 est.)

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Average household expenditures

on food: 27.3% of household expenditures (2018 est.)

on alcohol and tobacco: 5.7% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 15.3%

highest 10%: 7.6% (2014 est.)

Budget

revenues: $72.193 billion (2019 est.)

expenditures: $83.59 billion (2019 est.)

Budget surplus (+) or deficit (-)

-2.8% (of GDP) (2017 est.)

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Public debt

57.11% of GDP (2020 est.)

43.21% of GDP (2019 est.)

42.56% of GDP (2018 est.)

note: defined by the EU's Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year in the following categories of government liabilities: currency and deposits, securities other than shares excluding financial derivatives, and loans; general government sector comprises the subsectors: central government, state government, local government, and social security funds

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Taxes and other revenues

14.18% (of GDP) (2020 est.)

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Fiscal year

calendar year

Current account balance

-$20.627 billion (2021 est.)

-$12.535 billion (2020 est.)

-$12.184 billion (2019 est.)

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Exports

$115.879 billion (2021 est.) note: data are in current year dollars

$93.024 billion (2020 est.) note: data are in current year dollars

$100.901 billion (2019 est.) note: data are in current year dollars

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Exports - partners

Germany 22%, Italy 10%, France 7% (2019)

Exports - commodities

cars and vehicle parts, insulated wiring, refined petroleum, electrical control boards, seats (2019)

Imports

$132.056 billion (2021 est.) note: data are in current year dollars

$103.899 billion (2020 est.) note: data are in current year dollars

$111.184 billion (2019 est.) note: data are in current year dollars

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Imports - partners

Germany 19%, Italy 9%, Hungary 7%, Poland 6%, China 5%, France 5% (2019)

Imports - commodities

cars and vehicle parts, crude petroleum, packaged medicines, insulated wiring, broadcasting equipment (2019)

Reserves of foreign exchange and gold

$51.886 billion (31 December 2021 est.)

$52.191 billion (31 December 2020 est.)

$42.007 billion (31 December 2019 est.)

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Debt - external

$117.829 billion (2019 est.)

$115.803 billion (2018 est.)

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Exchange rates

lei (RON) per US dollar -

4.16 (2021 est.)

4.244 (2020 est.)

4.238 (2019 est.)

3.942 (2018 est.)

4.052 (2017 est.)

NOTE: The information regarding Romania on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Romania 2023 information contained here. All suggestions for corrections of any errors about Romania 2023 should be addressed to the CIA or the source cited on each page.